Ringgit retreats against US dollar

KUALA LUMPUR: The ringgit retreated from yesterday’s gain to trade marginally lower against the US dollar in the early session today, due to mild profit taking activities in most of the emerging currencies, dealer said.

At 9am, the ringgit was quoted at 4.0700/0730 compared to 4.0650/0700 yesterday.

A dealer said there was renewed concern among investors after the US President Donald Trump announced he would delay a planned hike in tariffs on Chinese imports, signalling significant progress in the trade negotiations between the two world’s largest economies.

Meanwhile, the local unit was mostly lower against a basket of currencies except for the Japanese yen.

The local unit depreciated against the British pound to 5.3419/3462 from 5.3170/3240 and was higher against the Japanese yen at 3.6650/6687 from 3.6721/6769 on Monday.

It weakened against the Singapore dollar to 3.0157/0182 versus 3.0113/0155 and went down versus the euro to 4.6235/6273 from Monday’s close of 4.6130/6203.